Gary Richardson, an economics professor at the University of California, Irvine, said the U.S. long maintaining high tariffs “helped to shift industry here. But we’ve gotten rid of them because, as the country at the cutting edge of technology, we didn’t think they were useful.” “When we were at our most powerful, right after World War II, we forced a low tariff regime on most of the world because we thought it was to our benefit,” said Richardson, also a former Federal Reserve System historian. “Now, we’re going back to something else.”

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